The most common of all nonprice rationing systems is
A. favored customers.
B. ration coupons.
C. price ceilings.
D. queuing.
Answer: D
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Suppose the price of a ticket to a Lenny Kravitz concert is $41 and at that price, the quantity of tickets demanded is 17,000 per concert
Using the midpoint method of calculating percentage changes, if Mr. Kravitz raises the price to $48 and the quantity demanded decreases to 16,000, the price elasticity of demand for his concert tickets is A) 15.73. B) 6.06. C) 1.00. D) 0.39. E) 0.93.
The CPI was 225 in 2008 and 232.2 in 2009. The nominal interest rate during this period was 1.4 percent. What was the real interest rate during this period?
A) 3.2 percent B) 1.8 percent C) 4.6 percent D) -3.2 percent E) -1.8 percent
If a firm's marginal product of labor is less than its average product of labor, then an increase in the quantity of labor it employs definitely will
A) decrease its total product. B) decrease its average product of labor. C) increase its marginal product of labor. D) not change its average product of labor.
The quantity consumed of a good is relatively unresponsive to changes in price whenever demand is:
A. unitary. B. inelastic. C. elastic. D. falling.